The Reserve Bank of Australia increased its benchmark interest rate by 25 basis points on Sept. 29 to combat sticky inflation, matching analyst forecasts. This move brings the cash rate to 4.60%, the highest level the central bank has set in 15 years.

The Australian dollar climbed to $0.7026 immediately following the announcement. The hike is part of the RBA's ongoing effort to stabilize prices and curb persistent inflation within the Australian economy.